An analysis suggests that SUI is searching for its next direction while remaining within a descending wedge pattern on the daily chart. As the price moves sideways near the lower boundary of the pattern, the diagnosis is that the short-term structure could change depending on whether it breaks above the upper resistance line.

■ Lower Boundary Near $0.70... Wedge in a 'Compression' Phase

Cryptog, an active member of the CoinMarketCap community, analyzed the SUI/USDT daily chart on the 20th and explained that the current price is positioned inside a large descending wedge pattern. According to the analysis, SUI is moving along the lower boundary near $0.70, showing a compression phase in which the gap between the upper and lower boundaries of the wedge is gradually narrowing over time.

A descending wedge is one of the patterns used in technical analysis to assess the potential for a bullish reversal. However, the mere formation of the pattern does not confirm a bullish turn; reliability increases only if an actual breakout above the upper downtrend line follows.

■ Support at $0.65–$0.70, Breakout at $0.80–$1.00... The Decisive Levels

Cryptog identified $0.65–$0.70 as the key support zone. If this range holds, there may still be a foundation for attempting a rebound. However, if the support line breaks down, the possibility that the existing pattern itself weakens must also be considered.

On the upside, the zone above $0.80–$1.00 was cited as the critical breakout area. The analysis suggests that if SUI moves beyond this range and the descending resistance line accompanied by trading volume, the compressed volatility could expand, potentially producing an upward move.

Approximately $2.70 was presented as the long-term upside price target. However, this is a technical target premised on a valid breakout of the descending wedge and a sustained uptrend, and it is not a price that guarantees actual achievement or timing.

[This article was written with AI assistance. It is based on publicly available market analysis and does not recommend buying or selling any specific virtual asset. Technical patterns and price targets reflect the analyst's views and may differ from actual market movements. Virtual assets carry high price volatility and the risk of principal loss, so investment decisions and responsibilities rest with the investor.]